Despite a lockdown due to the COVID-19 pandemic, thousands of people in Toronto still bought a home. Toronto Regional Real Estate Board (TRREB) data shows a big increase in March sales. The rise in sales was due to the first-half of the month, prior to the board's request to stop face-to-face activity. Despite the request, thousands of people still went out and bought a house afterwards.

Greater Toronto Real Estate Prices Rise Double Digits

The benchmark, a.k.a. the weighted index price of all homes reached a new high. TRREB reported a benchmark of $865,200 in March, up 11.06% from a year before. The City of Toronto benchmark reached $955,200 in the month, up 10.59% from last year. This is astronomical price growth, implying buyers somehow saw very little COVID-19 risk.

Greater Toronto Benchmark Price

The price of a "typical" composite home across Greater Toronto.

The price growth is some of the largest in Toronto real estate history. The 11% increase is the fastest 12-month increase since September 2017. It's also higher than any other period prior to 2016, over the past two decades - with the exception of the recovery after the Great Recession.